REAL ESTATE CLOSINGS
Owning the home of
your dreams can provide you with many benefits including a
long-term investment and tax advantages. However, a home is also a
major financial commitment. There are ways to avoid costly
mistakes that can strain your budget.
Using a Lawyer
The attorneys at The Summers Law Firm can help you through the
home buying process by reviewing the purchase contract, advising
you about title insurance, answering your legal and tax questions,
and preparing the documents necessary to complete the purchase.
Residential Real Estate
Agreements to buy and sell real estate in New York State require a
written contract to be binding. You should consult the attorneys
at The Summers Law Firm before you sign a contract to buy a home.
Protect Your Investment
Your home can be one of your most important investments. You owe
it to yourself to protect your investment by proceeding cautiously
before signing a purchase contract and closing the sale. If you
are considering buying a home, ask the attorneys at The Summers
Law Firm to review your purchase contract and provide you the
experienced legal counsel necessary to assure that your closing is
handled in a competent and timely fashion.
Please be sure you have considered the following before entering
into any agreement:
Always read every
line of a contract carefully before signing.
The time to
consult an attorney is BEFORE you sign any contract or
agreement. Contracts signed by you may be binding and your
rights and obligations may be fixed, and your attorney's ability
to structure the terms may be limited if you sign before
consulting an attorney.
real estate" contracts will have an "attorney's approval clause"
in it, but usually this contingency lasts only for a short time.
If you have signed a contract without first having it reviewed
by an attorney, be sure you have it reviewed before this
contingencies that will permit the buyer to cancel the contract
include a "mortgage contingency". This usually provides that if
the buyer is unable to secure a given amount of financing, with
a given percentage rate, by a certain date, he or she can cancel
the contract with proper written notice. Failure to exercise
your rights under such a contingency can result in waiving your
right to cancel the contract if you are unable to secure
sufficient financing to purchase the property.
It is the buyer's
responsibility to carefully inspect a home that is NOT a newly
constructed home. Hiring a professional inspector to review the
structure and its mechanical systems is always a good idea.
"Structural contingencies" can also be written into contracts,
so the prospective buyer can back out of the contracts if
defects over a certain amount of money (usually one or two
thousand dollars) is uncovered within a given amount of time
from signing the contract.
Similarly, pest inspections and contingencies (i.e., termites and
other wood destroying organisms) are often included
in the contract. But, again it is important not to allow the
time for the contingency to expire before the issues
are addressed and the necessary action taken. New home buyers
are protected by statutory housing merchant implied
warranty under General Business law section 777a.
Read our article - Learn All You Should Know About Buying a Home